The Manufactures Report | Arizona State University - Edubirdie

University:
Arizona State University
Course:
HST 200 | Historical Themes
Academic year:

2024
Views:

119

Pages:

1
Author:

Thuyoul US

Growing Pains: The New Republic, 1790-1820 The Manufactures Report The "Report on Manufactures," Hamilton's third report to Congress, discussed the necessity for tax income to cover the interest on the nation's debt. Hamilton proposed taxing whiskey manufactured in the United States using the taxing authority granted by the Constitution. Additionally, he saw how critical it was to support homegrown industry in order to eliminate the need for imported commodities in the new United States. Hamilton consequently supported duties on all imports to encourage the development of products created in the United States, a departure from the previous colonial arrangement. He suggested giving American businesses federal subsidies in order to further support homegrown industry. The concept of government participation in the growth of American industry was novel, much like all of Hamilton's initiatives. The entire Hamiltonian economic blueprint got the support it needed in Congress to be enacted, thanks to Washington's backing. Over time, Hamilton's financial plan assisted in saving the United States from impending insolvency in the late 1780s. His actions ushered in American capitalism, establishing the republic's creditworthiness, encouraging trade, and laying the groundwork for the country's sound financial future. As American individuals purchased and traded interest-bearing certificates issued by the federal government, his policies also contributed to the expansion of the stock market.

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